Modec, Inc. says that the FPSO Cidade de Mangaratiba MV24, located in the BM-S-11 block (Iracema Sul area) in the giant "pre-salt" region of the Santos Basin offshore Brazil, has achieved First Oil production in the middle of October this year.

The FPSO is chartered by Tupi B.V., a subsidiary of Petroleo Brasileiro S.A. (Petrobras), under a 20 year lease and operation contract. The FPSO is moored at Lula field, Iracemal Sul area with 2,200 meters of water depth.

The FPSO is capable of processing 150,000 barrels of oil per day and 280 million standard cubic feet of gas per day, and has storage capacity of about 1,600,000 barrels of crude oil.

New Chief Executive Officer of Aker EnergyFeb 23, 2018 Jan Arve Haugan has been appointed as Chief Executive Officer of the newly established oil company Aker Energy, effective 1 March 2018. Haugan is currently the President & CEO of Kværner ASA.